The Benefits of Employee and Supplier Diversity and how TEM can Increase Diversity Spending
Thirty years ago, armed with a master’s degree and a vision of helping companies better navigate telecommunications choices and invoices, our founder and CEO, Jane Sydlowski, started the business that would become AMI Strategies. We’ve been on the front lines of diversity for three decades now – watching as the world of work has slowly become more inclusive and representative, and along the way, we’ve seen firsthand how impacting diversity can be:
So what have we learned about the benefits of diversity?
We know that diversity fosters innovation and problem solving by pushing everyone to look at things from different perspectives. As different experiences yield different viewpoints, diverse companies can better understand and anticipate the wide range of pain points, challenges and needs that arise within a diverse customer or user base. For example, when companies establish inclusive business cultures and policies, they are more likely to report:
- 59.1% increase in creativity, innovation, and openness
- 37.9% better assessment of consumer interest and demand
Diversity doesn’t just lead to more out-of-the-box solutions, we’ve also learned that it results in better performing companies. In fact, a Gartner study predicts that through 2022, 75% of companies with diverse and inclusive decision-making teams will exceed their financial targets. Additionally, according to a BCG report, companies with diverse leadership teams report higher innovation revenue – 45% versus 26%.
Also, research has shown that more diverse companies experience human benefits that have bottom-line outcomes like:
Diversity Benefits Extend Beyond Employees to Suppliers
And, it’s not just companies with diverse employees that experience these benefits.
A study by the Hackett Group found that companies who dedicate 20% or more of their spend to diverse suppliers can attribute as much as 15% of their annual sales to supplier diversity programs. Additionally, depending on annual sales numbers, previous studies have put the ROI of a supplier diversity program as high as 133%.
The federal government even allows tax breaks for companies who partner with minority and women-owned businesses. They also provide a tax incentive that reduces tax liabilities for firms that use diverse suppliers for labor or services for a project funded by federal or state grants/loans.
AMI and Diversity
AMI is a woman-owned and operated technology expense management (TEM) and mobility management supplier. When it comes to diversity, we practice what we preach – with our internal staff reflecting the makeup of the U.S. population in terms of race, gender, and age. Companies that leverage AMI’s cutting edge technologies in telecom, mobility, and utility expense management and mobility help desk can apply the monies spent on AMI services towards their diversity spending quotas.
Studies have proven that diverse businesses have access to a larger pool of creative and talented people. Diverse teams are better at anticipating shifts in demand for new products and services – helping your business to gain a more competitive edge.
If your organization is looking to realize the human and financial benefits of working with a diverse supplier, let’s connect. We’ll show you how diversifying your supplier base drives innovation, cost-savings, and client satisfaction. When you work with AMI Strategies, everyone wins!